FEDERAL EXPRESS CORP | 2013 | FY | 3


NOTE 17: SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED)

  First Second Third Fourth  
(in millions)Quarter Quarter Quarter Quarter  
               
2013(1)             
Revenues$ 6,396 $ 6,607 $ 6,462 $ 6,728  
Operating income  200   228   125   1  
Net income  126   143   74   (13)  
               
2012(2)             
Revenues$ 6,409 $ 6,406 $ 6,363 $ 6,588  
Operating income  282   339   351   276  
Net income  185   221   231   171  
               
(1) The fourth quarter of 2013 includes $356 million of direct and allocated business realignment costs and an impairment charge of $100 million resulting from the decision to retire 10 aircraft and related engines. The third quarter of 2013 includes $34 million and the second quarter of 2013 includes $8 million of direct and allocated business realignment costs.
               
(2) The fourth quarter of 2012 includes an impairment charge of $134 million resulting from the decision to retire 24 aircraft and related engines. The third quarter of 2012 includes the reversal of a $66 million legal reserve.

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